The "2023 Taiwan Blockchain Industry Ecological Map", sponsored by the "Bitcoin and Virtual Currency Development Association" and co-sponsored by "None Capital" and "WEB3+", officially released the "2023 Taiwan Blockchain Industry Ecological Map" today (7/4) "Key Report on Blockchain Industry" aims to present the latest developments and development trends of Taiwan's blockchain industry. It includes an overview of the industrial roles of centralized finance (CeFi), decentralized finance (DeFi), NFT, wallet payment, etc., as well as Taiwan's overall Web3 innovation pattern, and Taiwan's regulatory development.
The report found that as many as 40% of Taiwan's new Web3 startups are micro-companies with less than 10 people, and 90% of the entire industry is concentrated in Taipei.
Taiwan Web3 Entrepreneurship Environment Survey: Most micro-entrepreneurs
The "2023 Taiwan Blockchain Industry Key Report" surveyed 75 Web3 companies and found that 40% of them are companies with less than 10 people, and about 36% of companies have 11 to 30 people. That is, nearly 80% of them are small companies with less than 30 people. Companies with more than 100 employees account for the minority (6%), which is roughly the same number of major exchanges and custody developers based on the sample size of the survey.
The report believes that this phenomenon shows that the development of Taiwan's Web3 industry is still far behind compared with foreign countries, but it also states that Web3 is relatively micro-entrepreneurship-friendly.
Image source: 2023 Key Report on Taiwan’s Blockchain Industry Taiwan Web3 Nearly 40% were established within three years
The cryptocurrency bull market in 2020 attracted many new startups to join Web3. The report shows that nearly 40% of Taiwan's Web3 companies were founded within three years. Nearly 70% of the companies were established in the past five years.
This may represent the two booms, the ICO (initial coin offering) craze in 2018, and the two bull markets of DeFi and NFT craze in 2020, which are the peak periods for new startups to enter.
Most of Taiwan's Web3 companies are hybrid offices, concentrated in Taipei City
Most Web3 companies in Taiwan have hybrid offices, which means working in the office or remotely, depending on the situation. Compared with traditional industries, the proportion of remote workers is higher. In addition, 93% of physical offices are located in Taipei City, followed by New Taipei City and Tainan City. There are quite extreme urban disparities.
Taiwan’s Web3 company still has a long way to go international
As much as 61% of the target market of Taiwan Web3 companies is Taiwan, followed by 9% in North America, Southeast Asia and Northeast Asia, and 5% in China and Hong Kong. As for the goals for the next stage, more than 40% of companies want to enter the Southeast Asian market.
To learn more about Taiwan's industry details, please see the "2023 Taiwan Blockchain Industry Key Report".
This article 2023 Key report on Taiwan’s blockchain industry: Web3 has become a micro-company with less than 10 people, and more than 90% are concentrated in Taipei. First appeared in Chain News ABMedia.
